The U.S. Securities and Exchange Commission (SEC) has acknowledged Bitwise's filing to launch a spot XRP ETF. This event has garnered considerable attention regarding the potential approval of such products.
Bitwise Filing Acknowledgment
Bitwise filed for a spot XRP ETF in early October, and this week, the SEC acknowledged the filing. The acknowledgment is an important step in the approval process, although it does not guarantee a final outcome.
Market Implications
ETF filings from other companies like Grayscale and 21Shares were also acknowledged. This was seen as a positive signal for the market, especially given the ongoing legal battle between the SEC and Ripple. The odds of ETF approval in 2025 have increased to 80% on the Polymarket platform.
Controversy Over Possible Approval
Not everyone views the potential approval of a spot XRP ETF positively. Prominent angel investor Jason Calacanis recently stated that approval could lead to 'chaos,' arguing that the token is a 'centralized' security.
The acknowledgment of spot XRP ETF filings by the SEC is widely seen as a step forward toward the approval of such products, which could significantly impact the cryptocurrency market. However, this process is accompanied by active discussions and disagreements.
